新能源汽车产业链行业周报：上汽与宁德时代深化战略合作，天赐材料美国布局推进

Industry Investment Rating - The report maintains a "Positive" rating for the new energy vehicle (NEV) industry, indicating strong growth potential and favorable market conditions [8][15] Core Views - Strong Demand Growth: From January to November 2024, China's NEV sales reached 11.26 million units, a 36% year-on-year increase, with power battery installations at 473.0GWh, up 39% year-on-year [14] - Profit Recovery: The upstream lithium resources and downstream battery sectors have shown significant recovery, while midstream materials like ternary and lithium iron phosphate (LFP) cathodes are still affected by lithium carbonate price fluctuations [14] - Profit Improvement Cycle: The lithium battery industry has entered a rightward trend since Q1 2024, with upstream resource prices bottoming out and industry consolidation supporting a sustained profit improvement cycle [15] - Valuation Opportunities: Many companies in the industry are expected to have PE valuations below 20x by 2025, presenting investment opportunities [15] Industry News and Developments - Strategic Partnerships: SAIC and CATL deepened their strategic cooperation, focusing on joint development of power batteries, overseas market expansion, and battery swapping services [17][18] - Global Expansion: CATL plans to establish a joint venture factory in Spain and is collaborating with Xiamen Tungsten and Sunwoda on solid-state battery development [7] - Resource Acquisition: Yibin Lithium acquired an 8% stake in Indonesia's Qingmei Bang, enhancing its upstream resource security and competitiveness [17] - Solid-State Battery Advancements: ProLogium unveiled its fourth-generation lithium ceramic battery (LCB) at CES 2025, achieving energy densities of 380Wh/kg and 860-900Wh/L [19] Key Company Announcements - Tinci Materials: Signed a股权购买协议 with Honeywell to establish joint ventures for electrolyte and liquid lithium hexafluorophosphate production, aiming for global expansion and cost optimization [23][25][27] - Ruipu Lanjun: Plans to build a battery factory in Indonesia with an initial annual capacity of 8GWh for power and energy storage batteries [29] - Longpan Technology: Signed a supply agreement with Blue Oval to provide lithium iron phosphate cathode materials from 2026 to 2030 [29] Product Price Tracking - Lithium Products: Lithium carbonate prices increased by 1.07% to 76,000 yuan/ton, while lithium hydroxide rose by 0.50% to 70,000 yuan/ton [8] - Cobalt Products: Electrolytic cobalt prices dropped by 2.35% to 166,000 yuan/ton, and cobalt sulfate decreased by 0.19% to 27,000 yuan/ton [8] - Nickel Products: Electrolytic nickel prices rose by 2.34% to 127,000 yuan/ton, while nickel sulfate remained stable at 29,000 yuan/ton [8] - Midstream Materials: Prices for ternary cathodes, LFP cathodes, and electrolytes remained stable, while coated separators saw price declines of up to 8.54% [8] Investment Recommendations - Key Stocks to Watch: CATL (300750, Buy), Shangtai Technology (001301, Not Rated), Kedali (002850, Not Rated), Eve Energy (300014, Not Rated), and Shenzhen Capchem (300037, Not Rated) [15] - Charging Infrastructure: Wanma (002276, Buy) and Xinde New Materials (301349, Not Rated) are recommended for their focus on charging piles and fast-charging solutions [15] - Solid-State Battery and Hydrogen Energy: Companies like Shanghai Xiba (603200, Not Rated), Fengyuan (002805, Not Rated), and Kewell (688551, Not Rated) are highlighted for their involvement in solid-state batteries and hydrogen energy [15]